FX.co ★ Philippines Stocks Hit Lowest Since 2020

The Philippine Stock Exchange Index (PSEi) extended its decline on Thursday, slipping below the 5,600 level—its weakest close since May 2020—and bringing its year-to-date loss to about 8%, as worries over the country's economic outlook intensified. Investor sentiment deteriorated further after the International Monetary Fund (IMF) cautioned that the Philippines could post the fifth-lowest growth rate in Southeast Asia this year, pointing to subdued investment and stubborn inflation. Risk appetite was also dampened by elevated oil prices and bond yields, as well as continued weakness in the peso.

Persistent selling pressure in blue chips weighed on the benchmark, led by index heavyweight ICTSI, which dropped 1.6%. SM Investments retreated 1.1%, Meralco slipped 0.6%, Ayala Corp. declined 1%, Aboitiz Power fell 0.9%, and San Miguel Food and Beverage inched down 0.1%.

Bucking the downtrend, some financial and property names provided a modest lift: BDO Unibank firmed up by 0.9%, BPI added 0.6%, and SM Prime Holdings climbed 2.5%.